Pay boost for Poundstretcher staff as post-CVA renaissance continues

Poundstretcher has handed 70% of its workforce a 10% pay rise, with the news coming as the Leicestershire firm outlines plans to create 2,000 jobs over the next five years.

All Poundstretcher employees with over one year’s service are eligible for the rise, meaning nearly 4,000 staff will benefit when the increase becomes effective on 1 April.

The majority of the firm’s customer-facing staff will receive the boost.

Poundstretcher owner Aziz Tayub said: “This 10% pay raise will make a real difference in this current climate to the majority of our employees who are committed to servicing our customers and growing our business in the current economic climate.”

The discount retailer awarded staff a 10% pay increase last year to reward their hard work post-pandemic.

Poundstretcher’s profitability has grown from strength to strength since 2020 when it entered a Company Voluntary Arrangement (CVA). In a statement, the firm said it was now looking forward to “a profitable future which will drive growth in sales, profits and number of stores, which should generate over 2,000 jobs over the next five years.”

Tayub said: “This will be the second year in a row we will have introduced a second pay rise in the same year for our store colleagues. We wanted to do more to support them and to say thank you for their commitment to quality service and customer care.”